Office products company Staples plans to restructure its international business and close 15 of its US outlets to further its growth prospects.
The retailer plans to restructure its international business by integrate its retail and online offerings, increase investment in its online businesses and reorganize its operations.
Leadership changes, a multi-year cost savings plan will also be part of the plan.
Staples’ chairman and chief executive officer Ron Sargent said that their vision is to establish Staples as the single-source product authority for millions of businesses.
"We are building on the strengths that are the foundation of our success by focusing on five key priorities: accelerate growth in our online businesses; fully integrate retail and online; improve retail store productivity; restructure our International Operations; and return cash to stakeholders," said Sargent.
Staples would invest to expand its online offerings beyond office supplies and will fund the expansion by cutting $250m in costs by the end of 2015.
The retailer will reduce its US square footage by 15% by 2015 and will close 15 of its stores to achieve the target.
Staples now expects a total of approximately 30 net store closures and 30 store downsizings and relocations in North America during fiscal year 2012.
The international restructuring will include the closure of 45 stores and several sub-scale delivery businesses in Europe by the end of fiscal year 2012 with John Wilson taking over as the new president of Staples Europe.
The company will continue to explore additional operational and strategic opportunities for its European operations while rebranding its Australian business to move towards forming one global brand.
Staples, currently, operates in 26 countries throughout North and South America, Europe, Asia and Australia providing products, services and expertise in office supplies, copy & print, technology, facilities and breakroom, and furniture.